Most small and medium-sized businesses buy their commercial insurance from a friend or associate or merely find them through Google search. A good commercial insurance agent or broker can save you money in many ways. Recommendation: Search for a company that is going to work hard to find solutions that will give you adequate coverage at the lowest cost.
You might want to consider checking on the following:
GENERAL LIABILITY INSURANCE (GLI)
If your company or one of your employees is responsible for bodily injury to someone, property damage to another person’s or company’s property, or personal injuries to another such as libel or slander, your GLI policy will help protect you.
WORKERS’ COMPENSATION INSURANCE
Gives your employees benefits if they get hurt or become due to job-related circumstances. Most states require all businesses with employees to carry this insurance.
Worker’s compensation is commonly a very large expense. A quality commercial insurance agent can help you find ways to minimize your costs. Some will provide on-site services that give you specific recommendations for how to lower your costs, such as creating walls between high rated employees and low rated employees
COMMERCIAL AUTO INSURANCE
Helps cover property damage and bodily injury claims from an accident caused by you or an employee while driving a company-owned vehicle.
COMMERCIAL PROPERTY INSURANCE
Helps protect your owned or rented building and equipment that you use to run your business.
This insurance doesn’t cover damage from earthquakes or floods. Commercial flood insurance or other policies are available depending on your location.
A quality commercial insurance agent can help you save money and even decrease the likelihood of fire and theft through recommending various kinds of fire and theft protection products and services, through helping with better building layouts, and through policies and procedures.
DATA BREACH INSURANCE a.k.a CYBER INSURANCE
Helps your business respond to a data breach if personally, identifiable information gets lost or stolen.
BUSINESS INCOME INSURANCE
Sometimes known as business interruption insurance, if you can’t run your business because of a covered event, this insurance will pay ongoing expenses such as rent, utilities, and payroll during that time.
PRODUCT LIABILITY INSURANCE
It helps cover medical or other claims made by users of your products who have been injured while using the product.
Many of your customers, especially major national retailers, will not carry your products unless you have $2,000,000 in coverage. You may wish to ask suppliers of products or parts that make up your products to supply you with a certificate of insurance proving they have this coverage. Or if the potential liability is high, you may want your company to be an additional named insured on their policy.
PROFESSIONAL LIABILITY INSURANCE
Also known as errors and omissions insurance (E & O), helps cover lawsuits claiming that you made a mistake in the services you provided. Very important for lawyers, CPAs, and other professionals.
COMMERCIAL UMBRELLA INSURANCE
Extends the coverage limits for some of your liability policies. Umbrella policies, whether commercial or personal, are a bargain. If you have corporate or personal wealth greater than a few hundred thousand dollars, you should always have an umbrella.